Chainlink Price Slides As The Bears Try To Take Over, Will A Rally Follow?

Chainlink (LINK) is experiencing price volatility today despite its slight gains. The bears aim to take control over the price action as LINK dropped from $8.5764 on April 18 to $7.7704 on April 19, 2023. 

Its trading volume is up by 97% in the last 24 hours. It also gained 2.27% on its price yesterday. But LINK price shows a decline on today’s chart representing a bear control.

Notably, the overall crypto market cap is down by 0.92%, indicating that bears are in control. Top coins such as BTC and ETH display a bearish trend that is most likely pushing other altcoins to decline.

LINK has formed a red candle on today’s daily chart, dropping below its 50-day Simple Moving Average (SMA), a short-term bearish sentiment. 

Also, it has remained in the sideways trend that began on April 22, 2023, showing that the bears and bulls might be at a stalemate in the market. The price change in this period is slight, but a spike in trading activity is evident for the asset. 

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LINK’s Relative Strength Index (RSI) is 44.58, descending to the oversold region. It implies that further price decline is possible in the coming days. LINK is still above its 200-day SMA despite the price volatility. The 200-day SMA has turned into a support level for the asset at $6.942, indicating a recovery in the long term.

Other vital support levels are $6.4 and $6.75. Also, its resistance levels are $7.456, $7.735, $8.8, and $9.48. At the $7.456 resistance, the bears intend to keep LINK’s price down. 

It will likely descend to the $6.942 support level soon, which can act as a pivot point to spark a bullish rally. 

The Chainlink Hackathon event promises to bring exciting innovators and developers together. The event will kick off today, April 28, until June 9, 2023. Notably, this event will boost and create awareness in the crypto community.

The Hackathon Spring 2023 offers developers at different skill levels opportunities to compete in a prize pool of $450,000. Participants must create new decentralized applications (dApps) using Chainlink technology to showcase their potential. Chainlink offers Oracle services enabling hybrid smart contracts to function on any blockchain.

Despite the current price slump, LINK has retained most of its gains in 2023. It moved from $5.6224 on January 1, 2023, to its current price of $7.03 at press time. The Hackathon and other developments on the network are vital to its hope of a bull run in 2023 and beyond.

Featured image from Pixabay and chart from Tradingview